Retirement looming - human not horse!

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Bangagin

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I'm due to receive my state pension early next year. I took my local government pension earlier this year, which was a small lump sum and a monthly income of approximately £400. I've been squirreling this away in an ISA and a savings account, so have reasonable savings, but have just had my work hours reduced from 5 days a week to 4 (I work in the voluntary sector and we have a cashflow crisis) so from next pay day the pension income will make up for the salary cut but I won't be able to save as much.

Some years back I had the vision of stopping work completely once I reached retirement age. Bliss! Now it's a lot closer I realise that I will probably need to continue working part time to afford to keep my pony. I'm hoping to cut my days to 3 a week, but would absolutely love to stop completely. However my employer wants to keep me on, so is happy to be quite flexible about working hours. I also had the idea about doing a less stressful job, but then realised I would need to work many more hours as the salary would be lower. So now thinking to stay where I am - better the devil you know! My livery costs and feed bills are pretty low already, so there are no obvious cutbacks I can make in the way she is kept.

So just wondering how everyone managed the transition. I would love more time to spend with dogs and pony (and husband if time allows 😂) but I don't really want to make any hard and fast decisions about work until I know I can afford to have the same lifestyle (which isn't very indulgent but not exactly frugal either).
 
I'm retiring soon. I eligible for my state pension in December, but I'm going to retire at the end of October, as I've had enough!

I'm not going to pretend though, I think it's going to be tough financially. I have 3 ponies, two in their twenties and one 15yrs old, all of them have Cushings, so on meds, one needs Bute everyday due to hind degenerative suspensory issues, but she's currently field sound and happy. But they do cost a small fortune, and what with the low hay yield this year, I'm very anxious if I'm honest.

I honestly think I will also have to look for a part time job next year, but hopefully one that not as stressful as this one (I teach maths and English to adults on apprenticeships).

I've joined the FB group Shoestring Retirement UK there's some good tips on there :) let's hope we can both enjoy our retirement and the luxury of having more time with our ponies.
 
I retired early also but found a low stress part time job in a school, as a TA, mornings only. Mornings only was better for the horses and the money was handy. I did 10 years. Being with a great team was also great for my mind. I only stopped as my life now involves travel.
 
I'm due my State pension next year and was planning to fully retire, but since OH was made redundant we've had a big drop in income. Now I think I have to keep on until we sell our 3 acre property and downsize. The horses are my thing, so I can't in all good conscience not be contributing, and tbh my part time income barely covers them :(. I missed out on being a "waspi" woman by a couple of months, but it's galling that I lived most of my life expecting to retire at 60...
 
DH was state pension age (for him then 65) 4 years ago. His salary was all over the place from then till he retired in March this year for good.
Initially he dropped 1 day a week, but equally his NI contributions ceased.
For the last 2 winters he went on a 3 day week from Nov to March, (company didn't want to lose him) and then he got to 'enjoy life while I can' mindset and retired.
Savings been made for him as no longer hammering car 50+ miles daily, Less washing of work attire needed. He's doing ok on state pension and a minor pension tho still paying tax.... which he is grumbling about.

However, I have discussed the need for extra clothing in winter at home, as we only run the heating early mornings and through evenings at present, except rare occasions like Christmas etc. With both of us around in daytime, the thermostat may need guarding.....

I decided to join him and early retired last month, company having big changes which i wasn't happy with ..... we haven't killed each other, yet. Though lockdowns gave us trial runs.
 
Mudfukkle said:
I'm retiring soon. I eligible for my state pension in December, but I'm going to retire at the end of October, as I've had enough!

I'm not going to pretend though, I think it's going to be tough financially. I have 3 ponies, two in their twenties and one 15yrs old, all of them have Cushings, so on meds, one needs Bute everyday due to hind degenerative suspensory issues, but she's currently field sound and happy. But they do cost a small fortune, and what with the low hay yield this year, I'm very anxious if I'm honest.

I honestly think I will also have to look for a part time job next year, but hopefully one that not as stressful as this one (I teach maths and English to adults on apprenticeships).

I've joined the FB group Shoestring Retirement UK there's some good tips on there :) let's hope we can both enjoy our retirement and the luxury of having more time with our ponies.
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I've just joined that FB group too, although finding it very hard to keep up with the posts and the number of responses! Enjoy your retirement and I hope financially it's easier than you anticipate.
 
Landcruiser said:
I'm due my State pension next year and was planning to fully retire, but since OH was made redundant we've had a big drop in income. Now I think I have to keep on until we sell our 3 acre property and downsize. The horses are my thing, so I can't in all good conscience not be contributing, and tbh my part time income barely covers them :(. I missed out on being a "waspi" woman by a couple of months, but it's galling that I lived most of my life expecting to retire at 60...
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Sorry to hear about the redundancy - my OH has been made redundant twice and he's now working a 30 hour week for Royal Mail with no plans to retire just yet (he's due for state pension Feb 2026). I keep hoping to convince him to carry on working so that I can stop! 😂 I do qualify as a WASPI woman, but there is no agreement to pay any compensation so I am not counting on that.
 
I fully retired last year, although I'd significantly cut my working hours the year before, as I took my work pension early. This year I got my state pension so things are a bit easier as that nice Mr. Starmer is helping to keep my pony. You can save money when you're retired - you don't need smart clothes/ shoes and you will probably run the car less. I let my hair cut schedule slip quite a bit. I'm really careful with food shopping etc. The cost of living crisis has made a difference. A couple of years ago I checked my state and work pension forecasts and thought I'd be OK. Fast forward and I do have to watch what I spend. Make sure you've checked your state pension forecast and that you don't need to make any voluntary NI contributions to get as much pension as you can.
 
I left the classroom and f/t teaching 13 yrs ago and took my teachers pension but continued to work for the LA up to 3 days per week until I was eligible for my State Pension. It all worked out fine, we paid ogg our mortgage during that time, which helped and when we were down to 2 horses we chose not to.put the number back.up. The most noticeable difference is in the number of miles my car has done, compared to before complete retirement, so obviously my petrol costs have diminished.
 
I'm finishing a 32 year LA career in April 2026 and will have to wait until November to get my state pension. I tried to ease into retirement by going part time in 2023, taking my LGP at the same time. The thought of not working at all terrifies me and excites me in equal measures, which it totally irrational. The routine will be the same in the mornings with horses to do, but not having to say 'I have to go' and 'I don't have time' is going to be a monumental change for me.

The part time has helped and I really enjoy my 4 day weekends, so much more time to do the horses properly and enjoy them instead of rushing, the 3 working days remain pressured and stressful and I seem to be expected to still do the 5 days condensed into 3. Employer did not back fill the 2 days which isn't surprising.

I'm concerned what Rachel from Accounts is going to do to pensioners in the November budget. With a full SP and a moderate work pension people are going to be paying a fair bit of tax on money that has already been taxed.
 
As soon as my OH got his state pension his other ones were cut to cover going over taxable threshold. It is galling. I get nothing for another five years. Didn’t have a work pension. We are ok thankfully. No mortgage and small home cheap to keep warm but our savings will run out of course. I have no idea when just think we should do what we want within reason while we can. I’d like another dog but the costs stop me. My share ponies cost£200 a month so can’t be greedy!
 
I get my state pension next month. I was forced to leave a good job in the post office, to care for parents one with cancer, one with dementia. Dad passed 2022, and mum may just gone. I did get carers allowance, that continued to do my NIS, but 4 months without CA and just a small Occupation pension, took a toll on my savings. Small inheritance off mum saved my bacon, but I’ve now took in a lodger, and once SP comes in, and rent , and Occup pension and bit of my son who lives at home , I should be ok. If I get bored will get a job in local shop for few mornings a week.
I have supplemented funds breeding dogs for last 8 years, but only once a year.
Also. Now my pensions are in, I realised I will be paying tax as well as my S/A TAX returns as the allowance is less than my SP
They get us all ways. Cant even retire in comfort ..
once son decamps and marries his GF , I plan to downsize from this huge money pit house, to a nice bungalow with a big garden and keep chickens and a goat or two. And maybe a mini pony
 
I am in a more fortunate position than most, as I have savings and a decent occupational pension, but it was still a mental abhorration to stop saving, which I have done all of my adult life, and start spending.

It is a real brain shift from saving for the 'future' and spending. It is like admitting that the end is near or something.

I was concerned that I may run out, but the pension would still keep me, albeit not to the same standard as I now enjoy.

I was struggling worse before Mr Red died. Since then, I saw that he has always saved, then he died before actually using that accumulated money. I have spent like mad this last 2 years, having life experiences. It won't be sustainable but I am relatively healthy and know how quickly it can all be over.

But then, I have also had to have counselling about spending the money as I realise that, once spent, it will not be re-accumulated.

I was prepared for retirement in that I had finance in place and had hobbies and stuff to do. What I found tricky was losing the team that I worked with and my identity, along with switching from saving to spending.
 
State pension two years ago, I stayed in my Civil Service role two days a week. Only started that 5 years ago, I enjoy the company, it pays for my holidays, I like two a year!
It's fine as it if becomes unbearable, I will just leave!! My tax contribution each month is outrageous but I'm not in next category yet ( Scotland) Horses are still healthy and kept at home so can't downsize just yet.......but once they've gone we really will need to do something. Husband feels he's past fence mending and all the maintenance required round 5 acres and animals.. I know of at least four other women my age who are still working in one role or another.......
 
For me it was the fear of having to spend my savings, there is a deep dark miser in there somewhere!

As Soubou says, the dwindling support is an issue if you keep your horses yourself, OH was the same, not really able to do the hard work as in the previous 40 years!
 
sorry if someone has already said this as haven't had tome to read whole thread

I would put any wages you receive after you start getting your state pension into a separate account and do not touch it. See if you can manage on your income without the wages counting if you see what I mean. Then you'll know what you can get away with. Hope it works out.
 
I think going part time is ideal. Do you have any flexibility in how you could make it work? I think Mon /Wed/Fri could be a good pattern, or 2 weeks on and 2 weeks off, or mornings only. Be creative.

I have been planning to retire very early and I could but as it approaches it feels a worry to give up an income so I'll probably go part time until I get fed up.
 
I retired from the Civil Service a year after I reached pension age 14 years ago. At the time my health was just slightly better than crap. We and the horses moved to France.

Plus points of retirement (excluding expat related things):

A guaranteed income for life: even civil servants can be declared redundant and my IT jobs were often a target. I hadn't realised just how much of a relief that would be.

Health: you can control who you mix with and no longer have to mix with large numbers of people with colds/influenza. I have not had repeated bouts of severe pneumonia or other transferable illnesses and am now a generally healthy person but with some limitations.

Horses: You can spend as much time as you want with them and attend farrier visits etc.

Choice: you get to choose where to go, what to do etc. It's very liberating.

Minus points:
Age related loss of strength etc. That will happen even if you continue to work. OH cannot be expected to maintain the tractor and related items for ever.

Social life: good money management suggests going to expensive events are not in the calendar. Give a donation to the charity instead and stay home. Your circle of friends change more rapidly as some move to other parts of the country, go abroad to live, or even die. You have to be proactive to make new ones.

Influence: as a pensioner your opinion and advice count for very little despite the fact that last year you were "our honoured guest".
 
One question I always have at the back of my mind is how much savings is the ideal amount to keep. We have a decent income from pensions but as the savings dwindle the anxiety mounts as there no longer much hope of saving more!
 
Parrotperson said:
sorry if someone has already said this as haven't had tome to read whole thread

I would put any wages you receive after you start getting your state pension into a separate account and do not touch it. See if you can manage on your income without the wages counting if you see what I mean. Then you'll know what you can get away with. Hope it works out.
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I know for sure I would not be able to live on my state pension without any supplementary income. I try to put away my LGP pension each month in a savings account and just live on my salary, and only today I'm having to transfer funds over to pay for a hay delivery at the weekend and a raw dog food order. Yes I could make savings such as swapping to a cheap dog food but I'm reluctant to do that unless I really have to. Never spend much money on myself, but dogs and pony are a different matter. 😊
 
Jambarissa said:
I think going part time is ideal. Do you have any flexibility in how you could make it work? I think Mon /Wed/Fri could be a good pattern, or 2 weeks on and 2 weeks off, or mornings only. Be creative.

I have been planning to retire very early and I could but as it approaches it feels a worry to give up an income so I'll probably go part time until I get fed up.
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I know exactly what you mean - that's why I'm not really making any firm decisions until after I've had my state pension for a few months. Work is all over the place anyway as if we don't get some funding in we will be looking at redundancy in February. (The older I get the less I seem to plan as you never know what is round the corner!)

If my role does continue, then yes my boss is very easy going about how I work - I set my own hours really so that's good. I'm thinking either Monday/Wednesday/Friday or Tuesday/Wednesday/Thursday but I'll see what happens. I'm sure I'll have to fit 5 days work in to 3 days, but I'm good at pushing back when things get too much and I can always leave if things get too stressful. I know the minute my OH retires then I will not want to carry on working, but he's undecided about what he wants to do also. (What a pair eh?)
 
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